**Hyundai Mobis Reinforces Commitment to Quality Growth at Shareholders’ Meeting on 19th**
– Emphasizes ‘solid growth’ based on profitability and acquisition of leading technology and product competitiveness
– Aims to increase global customer share of core components from 10% to 40% by 2033
**[Herald Economy’s Kim Sung-woo]** “Our goal is to become a global ‘top player’ that achieves sustainable growth based on unique technological competitiveness,” said Lee Kyuseok, CEO of Hyundai Mobis, at the 48th regular general shareholders’ meeting held on the 19th. Lee expressed the company’s commitment to consistent growth, balancing scale and profitability.
In his address at the meeting, CEO Lee stated, “Hyundai Mobis is focusing on transitioning to quality growth that increases both scale and profitability, leveraging its accumulated technological leadership capabilities gained through business expansion, global infrastructure expansion, and increased R&D investment.” He further emphasized the plans for “solid growth based on profitability, securing leading technology and product competitiveness, and accelerating global growth, all aimed at extending shareholder returns this year.”
Lee detailed plans to achieve significant growth based on profitability, striving to improve the health of the business structure. This involves innovations from the ground up, business rationalization, and operational optimization to achieve cost reduction and profitability improvement.
Additionally, Lee mentioned the company’s focus on securing leading technology and product competitiveness, stressing the importance of discovering and securing unique key technologies for Hyundai Mobis to emerge as a ‘global top-tier’ company. He urged for internalization of proprietary technology as well as strategic collaborations and strengthened investments to lay the foundation for long-term competitiveness.
He also noted, “We will continue to expand global customers based on this need for profitability-driven structure improvement and market-leading competitiveness,” with a goal to expand the share of global customer sales from the current 10% to 40% by 2033.
Hyundai Mobis is reportedly achieving visible success with significant growth in sales, doubling in five years, by focusing on securing key technologies in major business areas such as electrification and mobility solutions. Last year’s sales stood at 57.237 trillion won, a slight decrease from the previous year (-3.4%), but the operating profit and net profit increased by 33.9% and 18.6%, respectively, signaling an improvement in profitability.
The company is also achieving global customer acquisition successes, supplying head and rear lamps as well as display modules to key models of Stellantis in North America, and the central control unit (ICS) and parking brakes to General Motors (GM). From the second half of 2022, it has been manufacturing chassis modules for Mercedes-Benz in Alabama, USA.
Even in the Japanese market, often considered difficult to penetrate, Hyundai Mobis has successfully supplied advanced LED headlamps and rear lamps to Mitsubishi, and rear lamps to Subaru and Mazda, showcasing significant achievements. At the ‘2024 Paris Motor Show’ participated last year, European customers praised Hyundai Mobis for its high technological prowess.
In the meeting, CEO Lee was reappointed as an inside director, and Cho Yoon-deok, an executive who has been managing human resources (HR), was newly appointed as an inside director, marking the first time an executive from Hyundai Mobis’s HR field has joined the board. Proposals regarding a 5,000 won dividend per common share (5,050 won for preferred shares) and an increase in directors’ compensation limit (from 10 billion won to 12 billion won) for the first time in 13 years were also approved.